Elon Musk’s Net Worth Takes $20 Billion Nosedive After Saturday Night Live Appearance
Elon Musk’s net worth has plummeted $20 billion following his hosting gig on Saturday Night Live.
The multibillionaire appeared on the hit comedy show last Saturday, May 8, and, while he was applauded for parts of the show, such as his opening speech where he revealed he has Asperger’s, it appears as if Musk came out financially worse off for the feature.
It’s reported his net worth has since dropped to $145.5 million as of yesterday, May 13. He’s also dropped to third place on Forbes’ World Billionaire List; when the list was first published last month, he was in second place behind Amazon CEO Jeff Bezos.
Dogecoin’s value was sitting strong at around $0.70 before SNL aired, The Independent reported, before it dropped by 24% to $0.49 in the first hour of the show.
This proved unusual as, typically whenever Musk mentions Dogecoin, usually via Twitter, the price on the meme-inspired cryptocurrency skyrockets.
It’s evident that Musk has a huge influence on the cryptocurrency world as, after the Tesla founder announced that the company would no longer be accepting Bitcoin until the digital coin became more sustainable, the price of Bitcoin dropped below $50,000 yesterday, May 13, according to CNBC.
Despite Musk’s recent net worth hit, it’s likely the SpaceX founder will bounce back quite quickly. In March, Musk lost $27 billion in the space of a week, but this later went up again.
Even at his current worth of $145.5 billion, the 49-year-old is still a staggering $110 billion richer than he was this time last year, Forbes reports.
Meanwhile, Dogecoin’s value has already begun to bounce back after Musk tweeted about it yesterday, May 13. He wrote, ‘Working with Doge devs to improve system transaction efficiency. Potentially promising [sic]’.
As of the early hours of this morning, May 14, Dogecoin was up more than 36% in price.
This also came in the wake of Coinbase’s announcement, in which CEO Brian Armstrong stated that Dogecoin will be available to exchange on the cryptocurrency exchange platform in six to eight weeks time.
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